Ashok Leyland bags Rs 120cr order from Sri Lanka | business | Hindustan Times
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Ashok Leyland bags Rs 120cr order from Sri Lanka

business Updated: Aug 11, 2010 16:24 IST
PTI
Hinduja group flagship firm Ashok Leyland

Hinduja group flagship firm Ashok Leyland today said it has bagged an order for 1,000 buses, worth around USD 26 million (about Rs 120 crore), from the People's Leasing Company in Sri Lanka.

The order is the company's largest single order for buses from that country, Ashok Leyland said in a statement.

Delivery of the 1,000 'Viking' buses, varying from 42 – 58 seaters, will commence with immediate effect and have to be completed before March 2011, it added.

These buses will be sold by the People's Leasing Company to the country's private sector and the order is being part funded by the Asian Development Bank, the statement said.

Commenting on the development, Ashok Leyland Managing Director R Seshasayee said: "We have been playing a vital role in helping develop the country's (Sri Lanka's) economy not only by delivering appropriate transport solutions but also by providing employment for the local populace."

This order is one more important step in that direction, he added.

The company has a joint venture with the Sri Lankan government -- Lanka Ashok Leyland that was formed in 1983. It is a leader in the Sri Lankan bus market having sold 8,000-plus buses over the past 6–7 years.

Ashok Leyland scrips were trading at Rs 71.60 on the BSE in the morning trade, up 1.49 per cent from the previous close.